~ Jim Rogers.
ROGERS HOLDINGS' JIM ROGERS ON BTV ASIA AND LIVE
March 17 -- Jim Rogers, chairman of Singapore-based Rogers Holdings, talks with Television about the outlook for China stocks, commodity prices and the U.S. banking industry.
U.S. Bailouts Add to Risk of Depression, Rogers Says (Update2)
By Chua Kong Ho and Bernard Lo
March 17 (Bloomberg) -- The U.S. risks sending the world into a depression as its bailouts of failed companies rob healthy businesses of capital, investor Jim Rogers said.
“The U.S. is taking assets from competent people and giving them to incompetent people,” said Rogers, chairman of Singapore-based Rogers Holdings and the author of books including “Investment Biker” and “Adventure Capitalist.” “That’s bad economics.”
The U.S. government should let American International Group Inc., whose fourth-quarter loss was the worst in corporate history, go bankrupt, Rogers added in a Bloomberg Television interview today. Congress approved a $700 billion bank bailout package in October, and President Barack Obama’s administration has suggested it may need an additional $750 billion.
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